Global Gaming Report Q1 2023

Apr, 2023 WIP

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2

43
204
10
$1.3
$1.9
M&A PP Public Markets
3
Note : Public Markets include IPOs, SPACs, and Public Financings Source : CapIQ, Pitchbook & DSP Research
Note: Deal count includes announced and / or closed M&A, private placement, IPOs, SPACs, and public financing dealsDrake Star did not act as financial advisor on transactions listed on this page
• Q2’23 has started on agreat note with Savvy Gaming entering the mobile gaming and publishing
space with the acquisition of Los Angeles based Scopely for $4.9B and SEGA announcing the
acquisition of Rovio for $776 M.Savvy Gaming has earmarked to deploy $38 Bin the gaming sector
and we expect more large deals from them .There is also a good chance that the Microsoft /
Activision deal will close in the coming months .
• While we continue to see asteady flow of smaller to mid -sized M&A deals and several large deals,
we anticipate M&A activity to strongly rebound in the 2nd half of the year .We also expect several
listed gaming companies to be acquired by PE firms this year .
• Gaming /blockchain VC funds raised over $13 B in 2022 and while this capital pool is available for
deployment, investors continue to be cautious .We expect a healthy number of early -stage
financings and significantly less later stage rounds .Hot investments segments will be tools, AI and
VR /AR .
• Gaming public companies saw astrong recovery in Q1!Drake Star Gaming Index was up 12 % and
LTM P/E and EBITDA multiples (median) expanded by 21 % and 12 %,respectively .
• Q1saw adecline in M&A volume to 43 announced deals, down from 76 deals in Q4’22 .While the
majority of the deal values were undisclosed, several of the top buyers were active including Savvy /
ESL (Vindex ),NetEase (Skybox Labs) and Embracer (Captured Dimension and All Caps) .
• With over 200 deals, private financings stayed steady (compared to 212 deals last quarter), raising
~$1.3B.70 % of the deals were early -stage financings and VSPO ($265 M), Believer ($55 M), Light
Field Lab ($50 M), CCP Games ($40 M), Plai Labs ($32 M) and Carry 1st ($27 M) were some of the
notable raises .Investments in blockchain gaming dropped from 71 deals in Q4’22 to 39 in Q1’23 ,
while investments in tools /platforms increased from 26 deals in Q4’22 to 54 in Q1’23 .
• Most active VCs list for Q1was led by BITKRAFT, followed by Andreessen Horowitz, Play Ventures
and Griffin Gaming .

4
Source: CapIQ, Pitchbook & DSP Research, as of March 31, 2023
-5%
0%
5%
10%
15%
20%
25%
Dec-22 Jan-23 Feb-23 Mar-23
VanEck Video Gaming and Esports ETF, 23.4% Drake Star Gaming Index, 12.0%
Wedbush ETFMG Video Game Tech ETF, 10.4% S&P 500, 7.0% Note: Drake Star Gaming Index represents top 25 select gaming companies with ~1B or higher market cap and is an equal weighte d index , refer page 5 for list of Drake Star Gaming Index constituents Past performance is not indicative of, or a guarantee of future resultsThe ETF performances is gross of fee/expenses
17.0x
12.4x
19.0x
13.2x
LTM (Median) NTM (Median)
Dec-22
Mar-23
16.9x
20.8x 20.5x
22.4x
LTM (Median) NTM (Median)
Dec-22
Mar-23
Jan 1, 2023

-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
Dec-22 Jan-23 Feb-23 Mar-23
Applovin, 49.6%
Playtika, 32.3%
Sega, 25.8%
Netease, 21.8%
Paradox, 21.8%
Tencent, 15.5%
Take2, 14.6%
Stillfront, 14.4%
Unity, 13.5%
Capcom, 12.5%
Drake Star Gaming Index, 12%
Activision, 11.8%
Pearl Abyss, 10.3%
Netmarble, 9.8%
Krafton, 9.2%
S&P 500, 7%
NEXON, 6.5%
Square Enix, 3.8%
Embracer, 2.5%
Konami, 1.7%
Keyword Studios, 1.2%
EA, -1.4%
Kakao Games, -6.6%
Ubisoft, -7.4%
CD Projekt, -14.2%
NCSoft, -17.1%
5
Source: CapIQ, Pitchbook & DSP Research, as of March 31, 2023 Past performance is not indicative of, or a guarantee of future results
Jan 1, 2023

6
M&A
Public
Markets
• Chinese video streaming, live broadcasting and online gaming company iQIYI (NAS: IQ) raised a total of $1.55B through a
combination of debt and equity -$1.1BM in convertible senior notes and $451.4M in its follow -on public offering
• Vietnam based VNG went public on local Unlisted Public Company Market (UPCoM) at a $364M valuation. The company plans to
list on NASDAQ next year
• MultiMetaVerse completed its reverse merger with Model Performance Acquisition Corp
Fundraising
• VSPO, esports startup focused on tournaments venues and production, raised $265M from Savvy Gaming Group
• The Believer Company, founded by game veterans from Riot Games and others, raised $55M in a round led by Lightspeed
Venture Partners with major contribution from Andreessen Horowitz and Bitkraft Ventures
• Light Field Lab, developer of light field -based holographic display, raised $50M in a round led by NCSoft
• CCP Games went beyond its owner Pearl Abyss and raised $40M in a round led by Andreessen Horowitz for development of
a new AA blockchain title
• Plai Labs raised $32M from Andreessen Horowitz in the Seed round for developing their Web3 and artificial intelligence –
powered social platform
• African gaming startup Carry1st raised $27M in a pre -Series B round led by Bitkraft Ventures with participation from
Andreessen Horowitz, TTV Capital, Alumni Ventures, Konvoy Ventures and others
Note: Drake Star did not act as financial advisor on transactions listed on this page
• Netease acquired SkyBox Labs -Canadian game developer behind co -development of titles including Halo Infinite, Minecraft and others
• Savvy Gaming Group / ESL Faceit Group acquired the esports technology and infrastructure company Vindex to improve capabilities to
grow events such as DreamHack
• Phoenix Labs , the studio behind Dauntless, spun out of Garena as an investor backed management buyout
• Keywords Studios acquired Digital Media Management for $100M which will be a key in building the company’s vision to offer clients
holistic marketing programs
• Catalis Group / Curve Games acquired Secret 6 paving the way to expand their business by having first location in Madrid, Spain and
Manila as the first presence in Asia
• Playtika’s offer to acquire Rovio at EUR 751M valuation in November 2022 was rejected by Rovio’s Board of Directors

12
9
3 1
9
6
3 PC/Console
Mobile
Platform
Hardware/Tools
Esports
Blockchain
Others
17
12
14
North America
Europe
Asia and others
7
(1) Multiples calculated including earn -outs, wherever disclosed (2) Multiples calculated using only closing consideration for private transactions (excluding earn -out wherever disclosed) Note: Quarterly chart based on date of deal announcement, pie charts based on all announced and/or closed deals Q1 2023
Apr 2022 –Mar 2023 All Segments
# of Announced / # of Disclosed Deals 274 / 68
Disclosed Deal Value ($B) $9.0
Revenue Multiple (Median)
Total Value (17 deals with reported revenue) (1) 3.8x
At Close (9 deals with reported revenue) (2) 2.7x
EBITDA Multiple (Median)
Total Value (10 deals with reported EBITDA) (1) 11.1x
At Close (8 deals with reported EBITDA) (2) 7.1x

8
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• Catalis Group acquired US based Secret 6
• The company seeks to provides top -tier game
development services to the world’s biggest game
studios
• The acquisition is a turning point for Secret 6 as
they can leverage Catalis Group’s services,
expertise and global business networks and it paves
the way for Catalis to expand their business by
having their first location in Madrid and Manila, Asia
• Phoenix Labs spun out of Singapore’s Garena in an
investor -backed management buyout
• The company is best known for the popular title
Dauntless –a free -to-play game that attracted over
6M users in the first week of launch
• Garena had acquired Phoenix Labs in 2019 for
$150M
• ESL Faceit Group acquired the esports technology
firm Vindex
• Vindex offers gaming, streaming, and esports
analytics via its Vindex Intelligence Platform. It also
provides content production for in -person events
and tournaments
• The acquisition will increase EFG’s production
capabilities as an esports and video games
entertainment firm
• Netease acquired Skybox Labs for an undisclosed
amount
• Skybox is known for having co -developed games
including Halo Infinite, Minecraft, and Fallout 76 for
top franchises including EA and Wizards of the
Coast, among others
• Joining Netease will provide Skybox with operational
resources to scale faster in the Canada market
• Keywords Studio acquired Digital Media
Management, award -winning social media
marketing company
• Digital Media Management will join Engage division.
It brings a top tier social marketing agency, world –
class production location (Hollywood) and
technology platform that can help scale the
influencer offering side of the business
• Mythical Games acquired DMarket for an
undisclosed amount
• DMarket is a marketplace for digital skins and
nonfungibles token for gamers , its tech facilitates
the most advanced trading platform
• The acquisition makes Mythical Games the world’s
second -largest processor of digital assets on a
distributed ledger

196 195
130
202
310
183
233
212 204
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123
Value ($B) Deal Count
Others
$216M
$171M
$165M
$92M
$301M
$52M
$259M
$0M
30
45
40 10
22
14
41
2
Platform/Tools
$599M
$153M
$504M
147
21
36
9
Source: CapIQ, Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
Late Mid Early
VR / AR Esports Hardware Mobile PC / Console Blockchain

eSports Feb -23 $265 .0 – Savvy Gaming Group
PC/Console Mar -23 $55 .0 – Lightspeed Venture Partners, Riot Games, Bitkraft
Ventures, Andreessen Horowitz
Hardware Feb -23 $50 .0 $180 NCSoft, Samsung Electronics, Verizon Ventures
PC/Console Mar -23 $40 .0 – Andreessen Horowitz, Nexon, Makers Fund, BITKRAFT,
Kingsway Capital, Hashed
Blockchain Feb -23 $32.0 – Andreessen Horowitz
Mobile Jan -23 $30.0 $2,010 Turenne Capital Partenaires
Platform/Tools Jan -23 $27 .0 – BITKRAFT, Konvoy Ventures, TTV Capital, Andreessen
Horowitz
Blockchain Feb -23 $25 .0 – Andreessen Horowitz
Platform/Tools Mar -23 $22 .0 – Dunamu, J.P. Morgan Payments
Platform/Tools Mar -23 $21 .0 – Courtside Ventures, Greylock Partners
Blockchain Feb -23 $20 .0 – Accel, Prosus Ventures, Courtside Ventures, Nexus
Venture Partners, Nazara
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
10

11
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• Investors –Andreessen Horowitz, Nexon , Makers
Fund, BITKRAFT Ventures, Kingsway Capital,
Hashed
• Company’s goal is to make a new triple -A
blockchain game. It is a large project and that’s
why CCP went beyond its owner, Pearl Abyss, to
raise external funds
• Investors –NCSoft , Samsung Electronics, Verizon
Ventures, Liberty Global Ventures, Corning, LG
Technology Ventures, Otoy , Gates Frontier,
Faurecia, Robert Bosch Venture Capital, Taiwania
Capital, Khosla Ventures
• Company will use the fund to manufacture and
commercialize its SolidLight holographic display
platform
• Investor –BITKRAFT, Konvoy Ventures, TTV
Capital, Andreessen Horowitz
• The round will be focused on content as the
company’s content engine has grown, funding is
going to be used for development of internally
produced titles, including home -grown games for
the African market.
• Investors –Savvy Gaming Group
• The funding will be used to develop the rapidly
growing global esports sector for the benefit of
global esports community and to position Savvy as
a key enabler along the games value chain
• Investor –Andreessen Horowitz
• The funding will be used to expand the team of
engineers and designers for developing a product
intersecting a variety of emerging technologies,
including blockchain, artificial intelligence and
cryptocurrencies
• Investors –Lightspeed Venture Partners, Riot
Games, Andreessen Horowitz, BITKRAFT
Ventures, others
• The company does not have any games to
announce yet. The goal is to build world -class,
remote -first team to deliver a next -generation
open -world game where the story is influenced by
the choices players make

VC DEALS SELECT INVESTMENTS STAGE LOCATION
4 Seed
4 Seed to
Early
3 Seed to
Early
3 Seed to
Early
2 Seed to
Early
2 Seed to
Early
2 Seed to
Early
* 2 Seed to
Early
2 Seed to
Early
2 Seed to
Early
12
VC DEALS SELECT INVESTMENTS STAGE LOCATION
9 Seed to
Late
8 Early to
Late
6 Seed to
Late
4 Seed to
Late
3 Seed to
Late
3 Seed to
Late
3 Early to
Late
2 Seed to
Late
2 Seed to
Late
1 Early to
Late
Source: CapIQ, Pitchbook & DSP Research *Sequoia China and Asia Deals

13
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$1,165.0 18
$54.2 8
$245.8 7
$105.0 4
– 2
– 2
– 2
– 2
$106.0 2
– 1
Source: CapIQ, Pitchbook & DSP ResearchNote: Deal value only includes publicly disclosed transaction valuesDrake Star did not act as financial advisor on transactions listed on this page

14
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV North America / Europe -Mobile Focused LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Playtika PLTK IL 31-Dec -22 $11.26 $4,113.0 $5,875.9 $2,615.5 $594.6 2.2x 2.3x 9.5x 6.9x 16.4x 14.5x 1% -1% -13% 42% 22.7% Stillfront Group SF SE 31-Dec -22 $1.94 $993.6 $1,372.5 $738.2 $199.1 1.8x 1.9x 6.8x 5.7x 17.4x 7.0x 30% -4% 33% 19% 27.0% Modern Times Group MTG B SE 31-Dec -22 $7.27 $883.6 $501.2 $531.2 $117.9 0.9x 0.9x 4.2x 4.1x 28.0x 26.9x 4% 1% 103% 4% 22.2% Rovio ROVIO FI 31-Dec -22 $8.48 $646.0 $466.9 $339.6 $41.7 1.4x 1.3x 10.4x 8.1x 26.0x 18.8x 11% 0% -7% 36% 12.3% Huuuge HUG US 31-Dec -22 $6.45 $510.8 $298.9 $318.6 $69.9 0.9x 1.1x 4.0x 3.4x 15.9x 12.7x -15% -12% 33% 25% 21.9% SciPlay SCPL US 31-Dec -22 $16.96 $371.1 $552.8 $671.0 $175.0 0.8x 0.8x 3.1x 2.7x 18.6x 15.3x 11% 6% -2% 16% 26.1% Azerion AZRN NL 31-Dec -22 $1.93 $231.2 $425.2 $483.7 -$96.7 0.9x 0.7x NM 5.6x NM 13.7x 47% 22% NA 178% -20.0% G5 Entertainment G5EN SE 31-Dec -22 $20.68 $167.7 $150.0 $134.3 $6.3 1.1x 1.1x 23.5x 4.5x 26.9x 10.3x 6% 3% -71% 428% 4.7% Ten Square Games TEN PL 31-Dec -22 $21.56 $156.6 $132.8 $123.0 $15.6 1.1x 1.0x 8.4x 4.7x 0.0x 7.4x -15% 1% -60% 79% 12.7% Popreach POPR CA 30-Sep -22 $0.18 $49.8 $89.2 $18.0 $2.5 5.3x 0.7x 7.2x 6.0x NM 7.2x 0.3% 656% 49% 26% 13.7% East Side Games EAGR CA 31-Dec -22 $0.59 $48.2 $44.6 $85.9 $3.6 0.5x 0.4x NM 5.7x 6.0x 11.0x 25% 22% 42% 119% 4.2% MAG Interactive MAGI SE 28-Feb -23 $1.52 $40.3 $33.2 $39.0 -$0.6 0.8x 0.9x 5.4x 8.8x NM NM 23% -4% NA 54% -1.6% Average 1.5x 1.1x 8.9x 5.5x 17.3x 13.2x 11% 58% 11% 85% 12.2% Median 1.0x 1.0x 7.2x 5.6x 17.4x 12.7x 9% 1% 15% 39% 13.2%
North America / Europe –PC / console Focused Activision Blizzard ATVI US 31-Dec -22 $85.59 $67,126.0 $58,941.0 $7,528.0 $1,773.0 7.8x 6.2x 31.3x 16.3x 44.6x 22.4x -14% 26% -49% 104% 23.6% Electronic Arts EA US 31-Dec -22 $120.45 $33,030.7 $32,725.7 $7,377.0 $2,045.0 4.4x 4.3x 15.1x 13.2x 32.5x 18.4x 13% 3% 53% 21% 27.7% Take -Two Interactive TTWO US 31-Dec -22 $119.30 $20,122.9 $22,491.6 $4,833.7 $757.0 4.7x 3.8x 27.7x 18.7x NM 26.2x 42% 23% -5% 59% 15.7% Embracer Group EMBRAC B SE 31-Dec -22 $4.68 $5,894.0 $7,430.0 $3,610.6 $776.5 2.0x 1.9x 9.3x 6.4x NM 8.0x NA 10% NA 48% 21.5% Ubisoft UBI FR 30-Sep -22 $26.58 $3,293.6 $4,027.4 $2,064.2 $98.5 1.8x 1.7x 24.3x 3.8x NM 50.5x -5% 3% -88% 880% 4.8% Keyword Studios KWS IE 31-Dec -22 $34.12 $2,669.3 $2,626.2 $738.2 $122.2 3.5x 2.9x 19.0x 14.5x 52.8x 25.9x 35% 21% 37% 46% 16.5% Paradox Interactive PDX SE 31-Dec -22 $24.96 $2,636.5 $2,577.9 $189.3 $119.1 13.5x 11.6x 21.5x 16.3x 38.6x 34.4x 36% 17% 105% 32% 62.9% CD Projekt CDR PL 31-Dec -22 $25.82 $2,580.2 $2,379.0 $217.6 $96.4 10.8x 9.7x 24.1x 14.2x 32.3x 29.6x 7% 11% 50% 70% 44.3% Team17 Group TM17 GB 31-Dec -22 $4.70 $675.4 $616.2 $165.6 $48.7 3.6x 3.6x 12.1x 10.2x 23.2x 14.5x 52% 1% 19% 21% 29.4% PlayWay PLW PL 30-Sep -22 $97.52 $643.6 $611.4 $55.6 $37.3 9.6x 8.2x 14.2x 12.1x 19.2x 16.5x 41% 16% 43% 18% 67.1% Focus Home Interactive ALFOC FR 30-Sep -22 $52.15 $338.2 $362.7 $120.6 $29.7 2.7x 1.5x 11.0x 4.5x NM 12.6x -19% 80% -32% 143% 24.6% Digital Bros DIB IT 31-Dec -22 $22.58 $322.1 $368.8 $146.1 $56.6 2.5x 2.3x 6.4x 5.7x 10.3x 10.6x 11% 7% 26% 13% 38.8% Remedy Entertainment REMEDY FI 31-Dec -22 $23.69 $319.0 $264.8 $46.6 $1.0 5.6x 6.7x NM NM NM NM -3% -17% -92% 843% 2.2% EG7 EG7 SE 31-Dec -22 $2.64 $233.6 $204.2 $180.1 $45.4 1.1x 1.0x 4.5x 3.7x NM 6.4x 4% 9% 813% 21% 25.2% Frontier Developments FDEV GB 30-Nov -22 $5.80 $226.2 $198.2 $145.6 $25.0 1.3x 1.5x 7.1x 4.6x 10.8x 24.2x 19% -10% 43% 66% 17.2% Nacon NACON FR 30-Sep -22 $2.37 $205.6 $283.7 $157.3 $21.4 1.6x 1.4x 11.0x 3.7x 12.8x 8.9x -2% 20% 31% 219% 13.6% Developer Digital DEVO US 31-Dec -22 $0.40 $177.8 $102.3 $134.6 -$0.2 1.0x 0.8x NM 4.8x NM 11.3x 37% -5% NA NM -0.2% CI Games CIG PL 30-Sep -22 $0.80 $146.1 $114.4 $13.6 $3.8 9.7x 10.6x 30.0x 37.7x 32.1x 66.4x -44% 354% -73% 128% 28.1% Starbreeze AB STAR B SE 31-Dec -22 $0.18 $130.1 $158.4 $12.2 $6.4 12.9x 1.7x 24.6x 4.4x NM NA 2% 663% 374% 459% 52.0% Thunderful Group THUNDR SE 31-Dec -22 $1.77 $124.1 $148.2 $300.3 $35.5 0.5x 0.5x 4.1x 3.5x 10.6x 4.9x -2% -2% 14% 17% 11.8% Skonec Entertainment A276040 KR 31-Dec -22 $9.70 $120.9 $102.2 $2.9 -$3.0 36.6x 14.6x NM NA NM NM -40% 150% NA NA -102.3% tinyBuild TBLD US 31-Dec -22 $0.59 $119.8 $92.9 $63.3 $22.3 1.4x 1.3x 4.1x 3.5x 10.2x 6.7x 21% 10% 15% 20% 35.3% Bloober Team BLO PL 31-Dec -22 $5.13 $99.1 $92.8 $14.0 $5.7 6.5x NA 16.3x NA 25.9x NA -22% NA -25% NA 40.7% Zordix ZORDIX B SE 31-Dec -22 $1.45 $62.1 $67.3 $114.5 $9.3 0.6x 0.5x 7.2x 5.1x NM 8.4x 132% 7% 43% 41% 8.1% Snail Games SNAL US 31-Dec -22 $1.33 $48.7 $52.4 $74.4 $6.6 0.7x NA 6.4x NA NM NA -30% NA -84% NA 8.9% Motorsport Games MSGM US 31-Dec -22 $5.70 $16.1 $16.5 $10.3 -$24.6 1.6x 1.5x NM NM NM NM -32% NA NA NA -237.9% Average 5.7x 4.2x 15.1x 9.8x 25.4x 20.3x 9% 61% 55% 156% 10.8% Median 3.1x 2.1x 13.1x 5.7x 24.5x 15.5x 4% 10% 23% 48% 22.5%
Source: CapIQ, As of March 31, 2023, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 a re denoted as NM

15
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV Japan/Korea LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Sony 6758 JP 31-Dec -22 $90.16 $111,285.3 $135,509.4 $81,444.1 $15,637.7 1.7x 1.5x 8.3x 8.1x 16.2x 16.7x 9% 11% 17% 7% 19.2% Nintendo 7974 JP 31-Dec -22 $38.60 $44,937.0 $31,957.5 $12,666.0 $4,103.0 2.5x 2.7x 7.4x 8.9x 13.1x 16.1x 0% -7% -10% 12% 32.4% NEXON 3659 JP 31-Dec -22 $23.73 $20,301.9 $16,072.3 $2,682.2 $878.4 6.0x 5.2x 20.2x 15.8x 27.7x 26.1x 29% 17% 13% 17% 32.7% Capcom 9697 JP 31-Dec -22 $35.62 $7,448.4 $6,796.7 $770.2 $337.4 8.9x 6.5x 20.3x 15.2x 34.0x 25.9x -14% 36% -8% 33% 43.8% Krafton A259960 KR 31-Dec -22 $140.73 $6,624.4 $4,339.9 $1,474.2 $683.1 3.1x 3.1x 6.9x 7.7x 16.8x 16.2x -2% -3% 20% 15% 46.3% Konami Holdings 9766 JP 31-Dec -22 $45.66 $6,189.9 $5,067.6 $2,361.0 $570.3 2.2x 2.0x 8.9x 8.1x 20.6x 18.1x 5% 7% 9% 11% 24.2% NCSoft A036570 KR 31-Dec -22 $284.92 $5,786.0 $4,401.6 $2,045.0 $528.7 2.2x 2.3x 8.6x 9.2x 17.3x 17.1x 11% -1% 43% 6% 25.9% Square Enix 9684 JP 31-Dec -22 $47.84 $5,727.6 $4,405.4 $2,633.3 $440.5 1.7x 1.6x 10.1x 8.5x 13.2x 16.4x -1% 7% -9% 19% 16.7% Sega Sammy 6460 JP 31-Dec -22 $18.90 $4,173.2 $3,454.3 $2,700.9 $372.0 1.3x 1.1x 9.8x 7.1x 13.9x 14.8x 17% 16% 17% 31% 13.8% NetMarble A251270 KR 31-Dec -22 $50.85 $4,166.3 $5,534.5 $2,125.8 $87.0 2.7x 2.5x 38.3x 25.7x NM 83.6x 7% 8% -61% 157% 4.1% Kakao Games A293490 KR 31-Dec -22 $31.98 $2,608.1 $3,213.3 $912.6 $214.0 3.7x 2.9x 33.1x 11.7x NM 18.8x 13% 25% 75% 33% 23.4% Pearl Abyss A263750 KR 31-Dec -22 $35.47 $2,173.6 $2,055.4 $306.7 $33.2 6.9x 5.7x 56.0x 28.5x NM 44.9x -4% 22% -38% 125% 10.8% DeNA 2432 JP 31-Dec -22 $13.60 $1,514.3 $1,152.1 $1,009.6 $53.7 1.2x 1.1x 18.2x 10.8x 19.0x 19.0x 0% 6% -58% 101% 5.3% WeMade Entertainment A112040 KR 31-Dec -22 $38.50 $1,287.9 $1,300.5 $368.5 -$53.2 3.7x 2.6x NM NM NM NM 38% 39% NA 109% -14.4% GungHo Online 3765 JP 31-Dec -22 $18.22 $1,100.2 $255.7 $800.1 $217.1 0.3x 0.3x 1.2x 1.3x 8.0x 9.1x 1% -4% -15% 11% 27.1% Gree 3632 JP 31-Dec -22 $5.19 $885.0 $655.6 $567.9 $85.2 1.2x 1.3x 7.8x 10.6x 16.3x 21.0x 23% -9% 42% 27% 15.0% NHN Entertainment A181710 KR 31-Dec -22 $20.17 $694.4 $423.7 $1,681.7 $90.7 0.3x 0.2x 5.4x 3.4x NM 18.2x 10% 10% -33% 41% 5.4% Com2uS A078340 KR 31-Dec -22 $55.45 $657.7 $774.9 $570.2 $12.3 1.4x 1.2x 95.7x 14.5x 25.8x 14.5x 28% 19% -77% 351% 2.2% DOUBLEUGAMES A192080 KR 31-Dec -22 $33.90 $560.2 $426.6 $490.8 $156.0 0.9x 0.8x 2.8x 2.7x NM 6.8x -1% 6% -10% 7% 31.8% DoubleDown Interactive DDI KR 31-Dec -22 $7.98 $395.4 $152.5 $329.8 $107.6 0.5x 0.5x 1.4x 1.5x NM 5.4x 0% -100% -2% 100% 32.6% GAMEVIL Inc. A063080 KR 31-Dec -22 $36.89 $242.8 $315.9 $92.4 -$1.6 3.5x 2.1x NM 29.6x NM NM -18% 67% NA 774% -1.8% JOYCITY A067000 KR 31-Dec -22 $3.43 $235.2 $297.8 $130.2 $8.9 2.4x 2.0x 34.7x 13.5x NM 16.2x -19% 16% -55% 157% 6.8% T3 Entertainment Inc. A204610 KR 31-Dec -22 $1.56 $102.9 $49.0 $60.6 $10.7 0.8x NA 5.3x NA 10.0x NA 11% NA 37% NA 17.7% Me2on A201490 KR 31-Dec -22 $2.98 $93.3 $96.5 $89.1 $25.7 1.1x 1.3x 3.8x NA 15.7x NA 2% -15% -19% NA 28.8% Vespa A299910 KR 31-Dec -22 $2.43 $18.9 $21.6 $4.4 -$5.2 6.5x NA NM NA NM NA -88% NA NA NA -120.0% Average 2.7x 2.2x 18.4x 11.5x 17.8x 21.2x 2% 8% -6% 97% 13.2% Median 2.2x 2.0x 8.8x 9.2x 16.3x 16.9x 2% 8% -9% 32% 17.7% EsportsSkillz SKLZ US 31-Dec -22 $0.59 $250.7 -$6.5 $269.7 -$214.8 NM NM NM NM NM NM -29% -32% NA 84% -79.6% Enthusiast Gaming Holdings Inc. EGLX CA 31-Dec -22 $0.60 $90.9 $100.0 $149.9 -$29.3 0.7x 0.6x NM NM NM NM 21% 5% NA 88% -19.5% Wellplayed Rizest Inc. 9565 JP NA $21.21 $57.5 $0.0 $0.0 $0.0 0.0x NA 0.0x NA NM NA 0% NA 0% NA NA FaZe Holdings Inc. FAZE US 31-Dec -22 $0.46 $33.3 -$1.3 $70.0 -$45.8 NM NA NM NA NM NA 32% NA NA NA -65.4% Super League Gaming, Inc. SLGG US 31-Dec -22 $0.55 $20.8 $19.0 $19.7 -$25.7 1.0x 0.6x NM NM NM NM NM 55% NA 28% -130.4% Astralis ASTRLS DK 31-Dec -22 $0.24 $13.7 $12.3 $12.6 $0.4 1.0x NA 34.3x NA NM NA 17% NA NA NA 2.8% Esports Technologies EBET US 31-Dec -22 $0.41 $10.3 $39.5 $65.9 -$15.3 0.6x NA NM NA NM NA NM NA 0% NA -23.2% Esports Entertainment Group GMBL MT 31-Dec -22 $2.09 $6.6 $47.9 $43.4 -$24.0 1.1x 1.1x NM NM NM NM NM 3% NA 74% -55.3%
Average 0.8x 0.8x 17.2x NM NM NM 8% 8% 0% 68% -70.2% Median 1.0x 0.6x 17.2x NM NM NM 17% 4% 0% 79% -60.3%
Source: CapIQ, As of March 31, 2023, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 a re denoted as NM

Source: CapIQ , As of March 31, 2023, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM
16
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV China, South East Asia (US and HKG listed) & India LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Tencent Holdings 700 CN 31-Dec -22 $49.15 $462,004.1 $480,704.9 $80,402.5 $20,729.6 6.0x 5.3x 22.2x 16.8x 17.6x 23.3x -1% 11% -18% 37% 25.8% NetEase NTES CN 31-Dec -22 $88.44 $54,856.8 $42,419.0 $13,990.6 $3,260.3 3.0x 2.8x 13.0x 11.8x 20.4x 17.3x 10% 9% 14% 10% 23.3% Sea Limited SE SG 31-Dec -22 $86.55 $48,618.4 $46,304.6 $12,449.7 -$704.2 3.7x 3.4x NM 32.5x NM 49.0x 25% 8% NA 302% -5.7% G-bits Network 603444 CN 31-Dec -22 $69.41 $4,987.9 $4,620.5 $749.2 $328.1 6.1x 5.4x 14.0x 12.8x 23.5x 20.6x 12% 14% 23% 9% 43.8% YY YY CN 31-Dec -22 $31.18 $2,171.2 -$625.7 $2,411.5 $241.5 NM NM NM NM 19.5x 26.7x -8% 2% 276% 13% 10.0% XD Inc. 2400 CN 31-Dec -22 $3.43 $1,620.5 $1,409.2 $497.4 -$71.9 2.9x 2.2x NM 49.1x NM 81.3x 27% 27% NA 140% -14.4% NetDragon 777 CN 31-Dec -22 $1.76 $946.8 $643.9 $1,140.5 $209.1 0.6x 0.5x 3.1x 2.9x 7.9x 5.3x 12% 7% -19% 6% 18.3% HUYA HUYA CN 31-Dec -22 $3.61 $865.6 -$531.8 $1,336.8 -$89.5 NM NM NM NM NM NM -19% -10% NA 33% -6.7% iDreamSky 1119 CN 31-Dec -22 $0.56 $768.6 $995.9 $396.4 -$187.5 2.5x 1.5x NM 5.7x NM 8.3x 4% 63% NA 193% -47.3% Archosaur Games Inc. 9990 CN 31-Dec -22 $0.73 $577.6 $300.3 $84.7 -$96.2 3.6x 1.2x NM 7.6x NM 45.4x -37% 193% NA 141% -113.6% Nazara Nazara IN 31-Dec -22 $6.29 $416.2 $374.0 $118.0 $10.8 3.1x 2.3x 32.6x 20.2x 0.0x NA 71% 39% 2% 70% 9.2% Ourgame 6899 KY 31-Dec -22 $0.04 $40.5 $21.9 $31.6 -$9.9 0.7x NA NM NA NM NA 51% NA NA NA -31.5% FingerTango 6860 CN 31-Dec -22 $0.02 $29.3 -$76.1 $120.7 -$18.5 NM NA NM NA NM NA 36% NA NA NA -15.3% Digital Hollywood 2022 CN 31-Dec -22 $0.01 $15.2 -$8.4 $11.1 -$5.1 NM NA NM NA NM NA -13% NA NA NA -45.8% Average 3.2x 2.7x 17.0x 17.7x 14.8x 30.8x 12% 33% 46% 87% -10.7% Median 3.1x 2.3x 14.0x 12.8x 18.6x 23.3x 11% 11% 8% 37% -6.2%
China (Shenzhen listed)Quihoo 360 601360 CN 30-Sep -22 $2.54 $17,781.2 $14,681.4 $1,304.6 -$8.7 10.9x 10.6x NM NM NM NM -24% 628% NA NA -0.7% 37Games 002555 CN 30-Sep -22 $4.14 $9,185.7 $8,332.1 $2,218.6 $524.6 3.6x 3.5x 15.2x 15.5x 18.7x 23.7x 4% 4% 50% 1% 23.6% Beijing Kunlun 300418 CN 31-Dec -22 $6.81 $8,076.4 $8,375.2 $686.7 $136.9 12.1x 10.7x 37.6x 36.0x 47.7x 41.0x -2% 13% 37% 69% 19.9% Perfect World 002624 CN 31-Dec -22 $2.48 $4,901.9 $4,948.3 $1,112.1 $167.9 4.5x 3.8x 43.6x 17.1x 32.0x 35.4x -10% 17% 109% 72% 15.1% Kingnet Network 002517 CN 30-Sep -22 $1.76 $3,715.7 $3,375.4 $499.1 $187.1 6.5x 5.9x 17.3x 16.4x 26.5x 25.4x 71% 10% 95% 6% 37.5% Giant Network 002558 CN 30-Sep -22 $1.92 $3,680.9 $3,446.4 $302.9 $105.1 11.0x 11.0x 31.2x 21.6x 27.0x 30.2x 6% 0% 54% 47% 34.7% Ourpalm 300315 CN 30-Sep -22 $0.63 $1,718.0 $1,340.1 $174.2 -$0.2 7.4x 7.8x NM 22.2x NM 60.1x -23% -4% NA NA -0.1% Youzu Interactive 002174 CN 30-Sep -22 $1.90 $1,713.9 $1,614.6 $302.4 $55.5 5.2x 5.8x 26.0x 23.6x NM 64.4x -38% -11% NA 19% 18.3% Dalian Zeus 002354 CN 30-Sep -22 $0.90 $1,488.6 $1,379.6 $267.9 -$4.5 5.0x NA NM NA NM NA 35% NA NA NA -1.7% ZQ Games 300052 CN 30-Sep -22 $3.35 $878.3 $889.8 $45.4 $2.8 18.9x 16.7x NM NM NM NM -8% 13% 20% 151% 6.2% Average 8.5x 8.4x 28.5x 21.8x 30.4x 40.0x 1% 74% 61% 52% 15.3% Median 7.0x 7.8x 28.6x 21.6x 27.0x 35.4x -5% 10% 52% 47% 16.7%
Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 29-Jan-23 $277.77 $684,980.8 $683,715.8 $26,974.0 $7,121.0 25.3x 22.9x 93.5x 69.3x NM 61.8x 0% 11% -37% 39% 26.4% Dell DELL US 3-Feb -23 $40.21 $29,401.7 $51,375.7 $102,301.0 $7,807.0 0.5x 0.6x 6.3x 5.4x 12.4x 7.6x 1% -15% -7% 21% 7.6% Roblox RBLX US 31-Dec -22 $44.98 $27,219.0 $25,797.3 $2,225.1 -$793.7 11.6x 7.6x NM 72.6x NM NM 16% 52% NA 145% -35.7% Hewlett Packard HPE US 31-Jan-23 $15.93 $20,643.2 $32,228.2 $29,344.0 $4,934.0 1.1x 1.1x 6.0x 5.9x 24.6x 8.2x 5% 1% 2% 10% 16.8% Unity U US 31-Dec -22 $32.44 $12,157.3 $13,645.8 $1,391.0 -$628.6 9.8x 6.4x NM 56.4x NM NM 25% 53% NA 138% -45.2% Logitech LOGN CH 31-Dec -22 $58.18 $9,327.1 $8,351.3 $4,808.7 $674.5 1.7x 2.0x 11.9x 13.6x 22.1x 29.3x -17% -15% -36% 9% 14.0% ASUS 2357 TW 31-Dec -22 $8.93 $6,634.8 $6,312.4 $17,486.1 $478.2 0.4x 0.4x 10.9x 16.7x 13.9x 19.1x 0% -10% -72% 21% 2.7% Applovin APP US 31-Dec -22 $15.75 $5,928.4 $8,196.9 $2,817.1 $580.6 2.9x 2.9x 13.7x 7.7x NM 51.9x 1% 0% -3% 84% 20.6% MSI 2377 TW 31-Dec -22 $4.72 $3,988.0 $3,103.2 $5,872.6 $384.2 0.5x 0.5x 7.8x 7.4x 12.4x 12.5x -11% 2% -44% 8% 6.5% Acer 2353 TW 31-Dec -22 $0.92 $2,769.3 $1,800.6 $8,965.3 $247.9 0.2x 0.2x 6.5x 8.4x 17.1x 17.4x -14% -13% -48% 14% 2.8% Corsair Gaming CRSR US 31-Dec -22 $18.35 $1,862.3 $2,037.9 $1,375.1 -$0.8 1.5x 1.4x NM 20.5x NM 31.1x -28% 7% NA NM -0.1% Media and Games Invest M8G SE 31-Dec -22 $1.37 $217.7 $53.4 $377.7 $91.0 0.1x 0.1x 6.6x 0.5x NM 24.0x 28% -3% 82% 8% 24.1% Flexion Mobile FLEXM GB 31-Dec -22 $1.56 $85.9 $69.3 $82.6 $5.1 0.8x 0.6x 13.5x 6.3x NM 12.0x 97% 35% 0% 110% 6.2% Bidstack BIDS GB 30-Jun-22 $0.02 $32.2 $27.7 $4.7 -$9.4 5.8x 4.2x NM NM NM NM 72% 38% NA 33% NM Versus Systems VS CA 31-Dec -22 $0.55 $5.9 $1.1 $1.1 -$12.9 1.0x 0.5x NM NM NM NM 44% 149% NA 17% NM Average 4.2x 3.4x 17.1x 22.4x 17.1x 25.0x 15% 19% -16% 47% 3.6% Median 1.1x 1.1x 9.4x 8.4x 15.5x 19.1x 1% 2% -22% 21% 6.5%

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